March 27, 2024
Latest Cryptocurrency News

USDC Issuer Circle Internet Financial’s Web3 Wallet Upgrade Puts Merchants in Control of Transaction Fees

USDC stablecoin issuer Circle Internet Financial introduced an upgrade for its Web3 programmable crypto wallet, allowing merchants to assume responsibility for their customers’ transaction fees, as outlined in the press release.

This new feature, known as Gas Station, empowers businesses to support their users’ gas fees, which are the expenses associated with blockchain-based money transfers. This support is made possible by leveraging the ERC-4337 paymaster. Initially, Gas Station was launched on the Polygon (MATIC) mainnet and testnet, as well as the Ethereum (ETH) testnet, with plans for further expansion to additional blockchain networks, as confirmed by Circle.

For instance, the Southeast Asian super-app Grab is currently testing the Gas Station feature, offering Singaporean users a fee-free experience when they utilize non-fungible token (NFT) vouchers from Grab’s Web3 wallet to earn rewards, as highlighted in the press release. Additionally, Circle unveiled its Smart Contract Platform on the same day, aiming to assist developers in expediting application development by providing a comprehensive solution for importing, exploring, deploying, and managing smart contracts. The platform’s APIs are currently accessible on Avalanche (AVAX), Ethereum, and Polygon.

Gagan Mac, Head of Product for Web3 Services at Circle, emphasized their commitment to streamlining blockchain transactions and making them more accessible to a broader audience. He stated that with the launch of Gas Station, they are simplifying the process of handling blockchain transaction fees for end users, and the Smart Contract Platform facilitates businesses in harnessing the advantages of blockchain networks.

Image by pixabay

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